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On June 12, 2023, Morgan Stanley analyst Mannan Gozalia gave Spotify Technology (NYSE:SPOT) an ‘overweight’ rating once again, and kept its price target at $170. Specializing in the general sector, Gosalia is responsible for analyzing and covering his 27 stocks with a staggering success rate of 52.86%. Stockanalysis.com rates his Gosalia 2.76 out of 5 stars for his Spotify technology, but his consistent support for the company speaks volumes about the company’s potential for growth and success.
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Spot Price Analysis: Luxembourg Technology Services Firm Expects Growth
On June 12, 2023, the SPOT stock opened at 151.12 and experienced a range of 149.19 to 151.37. The stock traded at 99,135 shares, well below average. SPOT is a technology services company in the Internet software and services industry headquartered in Luxembourg, Luxembourg. Last year, the company’s profit growth was -1,014.85%, but this year’s growth is expected to be +21.17%, which is expected to grow +4.30% over the next five years. SPOT’s P/E ratio is not available, but its price-to-book ratio is higher than the industry average. The company’s next reporting date is July 26, 2023, and his EPS forecast for the quarter is -$0.65.
Spotify Technology SA shares forecast to rise 5.58%; analysts reveal median price target
On June 12, 2023, Spotify Technology SA, also known as SPOT, had a median price target of 158.51, according to 28 analysts who provided 12-month stock forecasts. The highest forecast was 184.35 and the lowest forecast was 89.82. This means that the estimated median price has increased by 5.58% from the previous price of 150.13. The current consensus among 34 investment analysts surveyed is to buy shares in Spotify Technology SA. The rating has remained stable since June from a ‘buy’ rating. For the quarter, the company posted negative earnings of $0.65 per share on sales of $3.2 billion. The reporting date for this quarter is his July 26, 2023. Overall, SPOT’s stock has performed well and investors are optimistic about its future.
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